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Fast fashion company Shein more than doubles its profits now that it has a blockbuster listing in its sights

  • The Chinese retailer posted a profit of more than £1.6 billion in 2023, up from £554 million
  • Turnover was £36 billion
  • Shein was founded in 2012 and is now based in Singapore

Fashionable: Shein’s popularity in Europe has soared in recent years, especially among younger shoppers

Fast fashion company Shein has more than doubled its profits as it eyes a blockbuster listing.

The Chinese retailer posted a profit of more than £1.6 billion in 2023, up from £554 million the year before. According to data from the FT, sales last year were £36 billion.

Shein was founded in 2012 and is now based in Singapore.

Its popularity in Europe has increased dramatically in recent years, especially among younger shoppers.

But the company is awaiting regulatory approval in Beijing and Washington for its plans for a massive initial public offering, expected in late 2024.

Clearly, London is a fallback option.

Shein, led by Chris Xu, has been criticized for its negative impact on the environment.